DeFi Breaks Out As AAVE, Compound (COMP), Kava and More Outperform Bitcoin (BTC)
A slew of decentralized finance (DeFi) projects skyrocketed this past week, outperforming Bitcoin’s (BTC) already-bullish price action.
Several of the surging DeFi altcoins started to retrace on Monday, however.
Aave (AAVE), a lending and borrowing DeFi protocol, is up over 27% in the past seven days but down by nearly 1.6% in the past 24 hours. The 46th-ranked crypto asset by market cap is trading at $65.98 at time of writing.
Kava (KAVA), an interoperable layer-1 blockchain and DeFi platform, is priced at $1.00 at time of writing. The 72nd-ranked crypto asset by market cap is up by more than 24% in the past week but down by 4.6% in the past day.
And Compound (COMP), a decentralized lending platform, jumped by more than 41% in the past seven days. The 126th-ranked crypto asset by market cap is trading at $40.29 at time of writing and is up 4.43% in the last 24 hours.
Bitcoin, by contrast, is up by over 13% in the past week. The top crypto asset by market cap is trading at $30,449 at time of writing.
Despite the strong week for numerous DeFi projects, some crypto analysts remain bearish on the nascent asset class. Pseudonymous trader Capo told his 766,600 Twitter followers on Friday that he expected an overall altcoin capitulation that would cause them to lose more than half of their value.
Earlier this month, fellow crypto analyst Benjamin Cowen predicted that “the altcoin reckoning will continue.”
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